In Legal Opinion No. 2023-14 dated May 16, 2023, the Insurance Commission responded to a Request for Legal Opinion on Electronic Sale of Insurance Products by Intermediaries.    From the Request, it was provided that the MPT Mobility Corporation (MPTM) is a subsidiary of the Metro Pacific Tollways Corporation (Metro Pacific). MPTM...

The Department of the Interior and Local Government released Memorandum Circular No. 2023-066 dated April 25, 2023, on the 2022 Peace and Order Council (POC) Performance Audit.    The POCs are organized in furtherance of Executive Order No. 773, series of 2009, “Further Reorganizing the Peace and Order Council.” The POC is...

The Securities and Exchange Commission (SEC) released SEC Memorandum Circular No. 4, Series of 2023 on April 13, 2023.   The Memorandum Circular was released to formally adopt the Asean Sustainable and Responsible Funds Standards (ASEAN SRFS) and to issue rules on the qualification of local investment companies, and the recognition of...

On April 25, 2023, the Securities and Exchange Commission (SEC) issued SEC Memorandum Circular No. 5, Series of 2023, or the Financial Products and Services Consumer Protection Act of 2022 (SEC FCPA IRR), effective 15 days after its publication.    The SEC FCPA IRR was made to ensure protection of the interest...

The Securities and Exchange Commission released SEC Memorandum Circular No. 6, Series of 2023 or the Amendment of SEC Memorandum Circular No. 2, Series of 2023, and Extending the Deadline of Amnesty APplications.    Memorandum Circular No. 2, Series of 2023 has set the deadline of April 30, 2023 for the amnesty...

SEC Requests Comments on Proposed Revised Fines and Penalties on Reportorial Requirements   On April 26, 2023, the Securities and Exchange Commission (SEC) released a notice advising the public on its resolution to expose the Revised Scale of Fines and Penalties (Revised Scale) related to the submission of reportorial requirements—the Audited Financial...

The Department of Information and Communications Technology (DICT) has signed an Inter-Agency Memorandum of Understanding (MOU) with 13 national government agencies (NGAs) last 25 April 2023.   Pursuant to the MOU, the DICT will develop additional applications and digital systems while providing consultations and trainings to personnel of its partner agencies. With...

The Department of Information and Communications Technology (DICT) has opened the draft National Cybersecurity Plan (NCSP) 2023-2028 for inputs, comments, and suggestions by the public. The NCSP focuses on six (6) pillars: (1) enactment of the “Cybersecurity Act” to strengthen the policy framework; (2) secure and protect Critical Information Infrastructures...

The Securities and Exchange Commission (SEC) issued on April 25, 2023, SEC Memorandum Circular No. 7, Series of 2003 (GUIDELINES ON APPLICATION FOR THE ALLOCATION OF ISIN, CFI, AND FISN CODES FOR FINANCIAL INSTRUMENTS).   The SEC released the guidelines, in its capacity as the National Numbering Agency (NNA) of the Philippines,...